Platinum (XPT) Displays a Lackluster Performance

The platinum market has sustained its position above a key technical level but has delivered only a modest performance. This is evident as price action in the market continues to hover. Consequently, more catalysts may be required to trigger a notable momentum shift.

Key Price Levels

Resistance: $1,500, $1,550, $1,600

Support: $1,350, $1,300, $1,250

Platinum Keeps Hovering Just Above the $1,330 Mark

Price activity in the XPT daily chart has fallen below the middle line of the Bollinger Bands. The most recent price candle is hovering just above the lowest boundary of the Bollinger Bands (BB) indicator.

The BB indicator itself has assumed a sideways trajectory in light of the prevailing indecision in the market. The lines of the Stochastic Relative Strength Index (SRSI) indicator appear merged and are trending upward. This suggests that price action may push higher in the near term, but likely only after the arrival of stronger catalysts.

XPT May See a Strong Bounce

In the Platinum 4-hour chart, price action appears well-supported. The ongoing session has formed a small green candle resting on the middle line of the BB indicator.

Additionally, the extreme boundaries of the BB indicator are now contracting. The contracting BB bands also show an upward tilt. Consequently, it appears that the market may be gearing up for a strong upward BB bounce toward, and possibly through, the $1,400 price mark.

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